Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.
Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days.
Another 227,000 people earned $1 million or more in 2009.
Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008.
They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.
Got that? Tax increases won't solve the deficit problem -- in fact, they will only make it worse by stifling economic activity (that produces jobs) by the people best positioned to pour money into the economy.
Sobering thought for the day: What would happen if we DOUBLED everyone's federal income taxes? We'd still have a $400 billion deficit.
That's why the answer has to be meaningful cuts, not tax increases.
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